Rio De Janeiro to Invest 1% of Its Treasury in Cryptocurrency
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Loading... - Adam Harris
- 17 Jan 2022
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Rio De Janeiro to Invest in Cryptocurrency
Rio de Janeiro, one of the biggest cities in Brazil, will reportedly put some of its funds into cryptocurrency investments, according to statements from mayor Eduardo Paes. The mayor made the announcement during a joint lecture with the mayor of Miami, Francis Suarez, at the Rio Innovation Week, an event that deals with the modernization of the city.
Paes declared:
"We are going to launch Crypto Rio and invest 1% of the Treasury in cryptocurrency."
Suarez, who also launched Miamicoin, a cryptocurrency for the city of Miami, stated this same development in Miami created opportunities for investors while offering crypto tax incentives. He declared:
"We created a tsunami of opportunity. Many cities in the United States were raising taxes, and we lowered them. We understood that we could be at the forefront of innovation and we invited creators here."
Tax Incentives and Regulation
Following in the footsteps of Miami, Paes is also planning to establish tax incentives and discounts for users who pay with bitcoin. Finance Secretary Pedro Paulo explained they are looking into offering a 10% discount for users paying certain taxes with bitcoin. However, he also stated that study of regulations to apply these changes effectively is necessary. Read More…
